Interim Construction Program

Purpose:

The interim construction program is designed to provide low-interest short-term loans to builders for the construction of single family homes for low-income homebuyers to be used as their primary residence.

Benefits:

Short-term construction loan (6 months) with an interest rate of 3% or less

Eligibility Criteria:

Property must be located within the city limits of Waco, and NOT within a FEMA-designated 100-year flood plain

Builders must be pre-approved by the City of Waco, and must not have any City liens against them

Homebuyers must meet income criteria (80% or below the median income for the City of Waco)

Plans and specifications must be approved by the City

Loan amounts are limited to 100% of cost, 110% of appraised value, 100% of Take Out Letter(s), or $75,000 (whichever is lowest)

More terms may apply to this program. For more information, please contact us at 750-5656.

Please note: The availability of all programs is subject to funding availability

Purpose:

To provide property tax incentives for future homeowners intending to build their homestead, purchase an existing home for their primary residence, or repair their existing primary residence within the City of Waco Reinvestment Zone (RZ).

Benefits:

Seven (7) year abatement of property taxes due for properties valued at $90,000 and above (new construction) and improvements valued at $30,000 or above (rehabilitation)

No income cap

Eligibility Criteria:

Property must be the primary residence of the owner, and must be a single family residence

Property cannot be in tax delinquent status

Application must be approved by City Council prior to issuing the building permit

Residential improvements or plans must be approved by the Planning Department

A filing fee of $150.00 must accompany the completed application

More terms may apply to this program. For more information, please contact us at 750-5656 or 750-5640.